Oil News: WTI Crude Oil Punches Through $100 as Iran Deadlock Chokes Supply
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Key Points:
- WTI crude oil futures pierced $100 Tuesday for the first time since April as Iran talks collapsed in Islamabad.
- Tanker tracking shows Iranian crude carriers sitting idle as floating storage fills and production gets forced lower.
- U.S. fuel inventory data shows gasoline and diesel supplies dropping, adding a demand signal to an already tight market.
June WTI Punches Through $100
June WTI crude oil punched through $100 a barrel Tuesday morning for the first time since early April and pulled back slightly off that level. The Iran talks in Islamabad are going nowhere, the Strait of Hormuz is still largely shut, and the supply math is getting harder to argue with. Keep reading for what the charts are saying and what is actually moving this market.